mdfb79

Regular IRA - Untaxed money going in, removed money taxed at marginal rate

Roth IRA - Taxed money going in, removed money coming out tax-free

It doesn't have anything to do with how much money you're making right now. It should depend on if you think paying the taxes now (roll it into a ROTH) to remove your money later tax-free is worth it. If you plan on retiring in the next 5-8 years it may not be worth it. If you plan to pass it along to an inheritent tax free or work for a while longer then it may be worth it.

It's also going to come down to how much money your IRA may make. Because Roth gains are not taxed under the regular (because you already paid for them), but the regular IRA gains will. So if you think the market is going bull next few years do it. If you think you'll get minimal returns don't. Really you should consult a tax accountant and look at hard numbers. Without more information it's difficult for anyone to suggest.